Slides
Page 1
2026 Mining Forum Americas (Denver) Quality. Growth. Cash. Returns. Brecha Principal pit, Salares Norte, Chile Mike Fraser: CEO September 2026
Page 2
Gold Fields | Mining Forum Americas Denver | September 2026 Note to investors Forward looking statements and non IFRS measures 2 Forward looking statements This presentation contains forward looking statements within the meaning of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this presentation may be forward looking statements. Forward-looking statements may be identified by the use of words such as “aim”, “anticipate”, “will”, “would”, “expect”, “may”, “could”, “believe”, “target”, “estimate”, “project” and words of similar meaning. These forward-looking statements, including among others, those relating to Gold Fields' future business strategy, development activities (including the approvals, permitting, development, operations and final investment decision relating to the Windfall Project), anticipated benefits of acquisitions or joint ventures (including as to whether the proposed combination with Northern Star will be completed, the terms and timing and anticipated benefits or synergies of the proposed combination), ability to successfully renew, and/or extend or retain mining rights, licences or other interests (including, in particular, the renewal of the Tarkwa mining leases), ability to conclude divestments on favourable terms (if at all), business prospects, financial positions, production and operational guidance, shareholder returns, climate and ESG related statements, targets and metrics, are necessary estimates reflecting the best judgement of senior management and involve risks and uncertainties that could cause actual results to differ materially. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in Gold Fields’ Integrated Annual Report 2025 filed with the Johannesburg Stock Exchange and the Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (SEC) on 30 March 2026 (SEC File no. 001-31318). Five year estimates are in real terms as at 1 January 2026, are based on the existing portfolio and are subject to inflation and other pressures. To the maximum extent permitted by law, Gold Fields makes no representation or warranty as to the currency, accuracy, reliability or completeness of any forward-looking statement contained in this presentation. Readers are cautioned not to place reliance on such statements. These forward-looking statements speak only as of the date they are made and are based on information available to Gold Fields as at the date of this presentation. Gold Fields and its directors, officers, employees, advisers, agents and other intermediaries disclaim any obligation or undertaking to update publicly or release any revisions to these forward-looking statements, whether to reflect new information, events or circumstances after the date of this presentation, the occurrence of future events or otherwise. These forward-looking statements and any other financial information contained in this presentation have not been reviewed or reported on by the Company’s external auditors. This presentation is the responsibility of the Gold Fields Board of Directors. Non IFRS measures and mineral information This presentation includes certain non IFRS financial measures, including adjusted EBITDA, all in sustaining cost (AISC), all in cost (AIC), adjusted free cash flow, headline earnings per share and net debt. These may not be comparable to similarly titled measures used by other companies, are not measures of financial performance under IFRS and should not be considered in isolation. Mineral Resource and Mineral Reserve figures and exploration results are as at 31 December 2025, as disclosed in the Gold Fields Mineral Resources and Mineral Reserves Supplement 2025 and subsequent market releases. Exploration results do not modify any Mineral Resource or Mineral Reserve Mineral resources and mineral reserves The Mineral Resources and Mineral Reserves figures in this presentation for Gold Fields reflect the Gold Fields group’s position as at 31 December 2025, as published in the 2025 Mineral Resources and Mineral Reserves Supplement (released 30 March 2026 alongside the Integrated Annual Report), to which readers are referred for full technical disclosure. For information on Gold Fields’ Mineral Resources and Mineral Reserves prepared in accordance with Subpart 1300 of Regulation S-K, readers should refer to the Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (SEC) on 30 March 2026(SEC File no. 001-31318). The Mineral Resources and Mineral Reserves figures in this presentation for Northern Star reflect Northern Star’s public announcements released 3 June 2026, and reflect the Northern Star group’s position as at 31 March 2026. These figures are not prepared in accordance with the SAMREC Code or SAMVAL Code and have not been independently verified by Gold Fields.
Page 3
Gold Fields | Mining Forum Americas Denver | September 2026 Agenda 3 1 Gold Fields group overview 2 Proposed combination with Northern Star 3 Gold Fields overview Quality portfolio Gruyere, Australia Growth Cash and returns
Page 4
Portfolio, strategy and investment case 1. Gold Fields group overview Gold Fields employee, South Deep
Page 5
Gold Fields | Mining Forum Americas Denver | September 2026 Eight operations and one project across six countries A global portfolio of long life, quality assets Canada Windfall project Exploration Interest: Vior, Bonterra Resources, Onyx Gold Peru: Cerro Corona 2025 attributable production: 167koz eq 2025 adjusted FCF: US$184m Chile: Salares Norte 2025 attributable production: 397koz eq 2025 adjusted FCF: US$808m Ghana: Tarkwa | Damang* 2025 attributable production: 515koz 2025 adjusted FCF: US$568m South Africa: South Deep 2025 attributable production: 297koz 2025 adjusted FCF: : US$511m Australia: Gruyere, Granny Smith, St Ives, Agnew 2025 attributable production: 1,063koz 2025 adjusted pre-tax FCF from ops*: US$1,804m Gold Fields Group, FY 2025 Attributable production: 2.44Moz AISC: US$1,645/oz I AIC: US$1,927/oz Adjusted FCF: US$2,970m 2026 guidance: Production 2.40 to 2.60Moz FY 2025 attributable production and adjusted pre-tax free cash flow from operations by region Australia: 44% Ghana: 21% South Africa: 12% Peru: 7% Chile: 16% FY 2025 att. gold production contribution * Damang mine transitioned out of the portfolio on 18 April 2026 5
Page 6
Gold Fields | Mining Forum Americas Denver | September 2026 A clear strategy for a best-in-class gold producer Creating enduring value beyond mining WHY Our purpose WHAT Our strategy HOW Our culture of care and accountability DELIVER Operate in a safe, reliable and cost-effective way IMPACT Have a positive impact on our communities and the environment GROW Grow the quality and value of our portfolio Our values Safety If we cannot guarantee safe operations, we will not operate Respect Treat everyone with dignity, care and fairness Collaboration Work as a global team to succeed together Responsibility Own our actions and their impact Supported by disciplined capital allocation which balances reinvestment in the business with delivery of upper quartile returns, while maintaining a robust balance sheet. The Gold Fields Way is the mechanism through which we activate and embed this culture. It is made up of: • Leadership & Mindsets: how we lead, what we believe, and how we act • Operating Model: how we are structured and organised to deliver results • Operating Practices & Systems: the shared standards, routines and processes that support execution 6
Page 7
Gold Fields | Mining Forum Americas Denver | September 2026 Safety, our core value 7 Zero fatalities and zero serious injuries in H1 2026 Our focus remains on ensuring that everyone returns home safe and well every day
Page 8
Gold Fields | Mining Forum Americas Denver | September 2026 Leading FCF yield and quality, funded growth 8 A compelling investment case: cash today, growth tomorrow, returns throughout QUALITY PORTFOLIO Long life assets in six countries; Salares Norte strengthens the mix and an experienced team is progressing delivery of the Windfall project OPERATING LEVERAGE IN EXISTING ASSETS Majority of assets have upside from existing infrastructure and installed capacity INDUSTRY LEADING GROWTH A path to 3Moz by 2031, with higher quality production and margin expansion, supporting cash flow generation DISCIPLINED GROWTH OPTIONALITY Brownfields opportunities and Windfall provide a funded pathway to long term growth CAPITAL ALLOCATION UNDERPINS RETURNS Balance sheet strength supports reinvestment and a demonstrated commitment to upper quartile shareholder returns Financial capacity, disciplined growth and a demonstrated commitment to shareholder returns Source: Company disclosures; Wall Street Consensus; FactSet as of 25 September 2026. Gold Fields trades at the lowest multiple in its peer group with the highest FCF yield 2026E Free cash flow yield (%) Consensus estimates, calendarised to December year end 2026E EV/EBITDA multiple (x) Consensus estimates, calendarised to December year end 10,6% 9,4% 8,0% 7,1% 5,7% 4,6% 1,9% 0% 4,0% 8,0% 12,0% Gold Fields Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 8,9x 7,6x 7,5x 7,2x 5,6x 4,7x 4,6x - 2,0x 4,0x 6,0x 8,0x 10,0x Peer 5 Peer 3 Peer 6 Peer 2 Peer 4 Peer 1 Gold Fields
Page 9
2. Proposed combination with Northern Star
Page 10
Note: 1Subject to ASX approval; 2Based on Northern Star’s closing share price of A$22.08 per share on 11 September 2026; 3Based on Northern Star’s closing share price of A$22.11 per share on 25 September 2026; 4Based on Northern Star’s closing share price of A$18.51 per share on 1 June 2026; 5Based on the average Northern Star NAV per share from broker reports available to Gold Fields and its advisors on 13 September 2026; 6Northern Star share price change on 2 June 2026. 7Mix-and-match facility enables Northern Star shareholders to elect to receive the default consideration of 0.3125 Gold Fields shares and A$7.25 in cash per Northern Star share, 100% cash or 100% shares, subject to a customary scale-back mechanism that will cap the total amount of cash consideration to be paid to Northern Star shareholders at A$10.4 billion and the total number of new Gold Fields shares to be issued to Northern Star shareholders at 447 million shares. ⚫ Northern Star shareholders to receive: ⚫ 0.3125 Gold Fields ASX CDIs1 ⚫ A$7.25 cash for each Northern Star share held ⚫ The offer price represents: ⚫ 22% premium to Northern Star’s closing share price on 11th Sep 2026, being the last trading day prior to submission of Gold Fields’ proposal2; ⚫ 14% premium to Northern Star’s closing share price on 25th Sep 20263; and ⚫ 20% premium to Northern Star’s broker average net asset value (NAV)5 ⚫ An attractive premium, particularly given Northern Star’s share price appreciation of 14% on the day Elliott published its perspectives6 ⚫ Resultant pro forma ownership: ~67% Gold Fields / ~33% Northern Star ⚫ Mix and match facility enhancing flexibility for Northern Star shareholders7 PROPOSED TERMS Disciplined capital allocation ● Gold Fields will remain disciplined and prudent in our approach to ensure continued maximisation of Gold Fields shareholder value Portfolio optimisation post-completion ● Intention to pursue non-core disposals with at least US$4.0bn of expected proceeds following implementation of the Proposed Transaction ● Proceeds to accelerate deleveraging and enhance flexibility for shareholder returns VALUE DRIVEN AND DISCIPLINED STRATEGY To date, the Northern Star Board has elected not to engage directly with Gold Fields on the Proposed Transaction Strong balance sheet ● Commitment to net debt target ratio <1.0x ● Commitment to maintain an investment grade credit rating Competitive shareholder returns ● All shareholders to benefit from Gold Fields’ dividend policy targeting 35% of free cash flow before discretionary growth investments ● Gold Fields is committed to delivering upper quartile shareholder returns Facilitates immediate and ongoing value uplift for Gold Fields and Northern Star shareholders Proposal summary 10
Page 11
▪ Gold Fields has a proven and settled leadership team ▪ Northern Star CEO / CFO / CDO transition underway and ongoing, during a critical period of project execution & delivery Proven delivery from an established team ▪ Gold Fields + Northern Star delivers a world-class complex in WA and portfolio value uplift ▪ Northern Star’s performance dependent on KCGM’s extended ramp-up through FY29 whilst Hemi remains a long-term growth option ▪ Gold Fields brings a proven 25+ year track record in Western Australia, and a larger business with global capability to deliver KCGM and invest in growth Value enhanced across whole portfolio ▪ Gold Fields has more than doubled free cash flow in the last twelve months1 (as Northern Star's free cash flow fell2 while gold prices rose) ▪ High confidence in the combined balance sheet delivering growth and cash returns Combined strength to deliver ▪ We estimate US$4–5bn3 of synergies can be unlocked across the combined group ▪ Asset proximity and shared infrastructure cannot be offered by other parties Unique synergy opportunity ▪ Stronger balance sheet enhanced by commitment to asset disposals ▪ Combined group will be able to fund projects whilst delivering upper quartile shareholder returns Strengthened balance sheet supporting enhanced shareholder returns Source: Company disclosures Note: 1134% YoY increase in Adjusted Free Cash Flow of US$2,225m generated in H1 2026; 2Northern Star reported Free Cash flow of A$190m in FY’26 (LTM Jun-26) vs A$536m in FY’25 (LTM Jun-25); 3Synergies estimated by Gold Fields on a post-tax, NAV and NPV basis, net of one-off implementation costs, expected to be realised over time. Estimates are preliminary only, based solely on publicly available information about Northern Star, without due diligence and are subject to implementation of the proposed transaction and the outcome of further technical and operational studies. Gold Fields + Northern Star – A stronger platform, delivering sooner 11
Page 12
Source: Company disclosures. Note: 1Estimated pro forma metrics based on LTM Jun-2026 figures per most recent public disclosures by Gold Fields and Northern Star 2Refer to the Gold Fields 2025 Annual Report for average annual Windfall production; Hemi production based on the average annual production over the first 10 years of mine life per the Hemi definitive feasibility study published in September 2023; 3Synergies estimated by Gold Fields on a post-tax, NAV and NPV basis, net of one-off implementation costs, expected to be realised over time. Estimates are preliminary only, based solely on publicly available information about Northern Star, without due diligence and are subject to implementation of the proposed transaction and the outcome of further technical and operational studies. LTM gold production1 4.1Moz 2nd largest global gold producer of Australia’s top 20 gold mines within a ~280km radius 8 World-class gold production hub in Western Australia of future production upside combining two high-quality development projects in Windfall and Hemi2 800Kozpa+ Unrivalled growth pipeline with a solid balance sheet of gold production from Australia, North America and Chile ~80% Diversified, high-quality portfolio of potential value unlock by combining two highly complementary businesses US$4-5bn3 Material unique synergy potential Combination of Gold Fields and Northern Star to create a quality, geographically diversified portfolio 12
Page 13
Gold Fields LTM Jun-26 production by region – Current1 Gold Fields LTM Jun-26 production by region – Pro forma1 58% 15% 6% 3% 7% 11% Australia Chile Alaska Peru South Africa Ghana 42% 24% 5% 11% 18% Australia Chile Peru South Africa Ghana 66% located in Australia, North America and Chile ~80% located in Australia, North America and Chile …while further consolidating Gold Fields’s presence in Western Australia Source: Company disclosures Note: 1Gold production reported on an attributable basis for the 12 months ending June 30, 2026. Combined group would have 80% of production from Australia, North America and Chile… 13Gold Fields | Mining Forum Americas Denver | September 2026
Page 14
Second largest global production hub with 2.4Mozpa of gold production1 Combined asset portfolio all within a 280km radius in Western Australia Combines 8 of the top 20 gold mines in Australia 92% of Northern Star Australian operations’ reserves (excluding Hemi) are located within 100km of existing Gold Fields processing infrastructure Key: Northern Star Gold Fields Jundee Agnew Thunderbox Gruyere Granny Smith KCGM South Kalgoorlie St. Ives Carosue Dam Bronzewing Hemi Kanowna Belle ~400km ~560km Source: Company disclosures Note: 1Production on a last twelve-month basis to 30 June 2026; ~50km radius ~50km radius ~50km radius 0 25 50 75 100 125 km World-class gold production hub in Western Australia Uniquely contiguous footprint to drive operational and infrastructure value creation 14 Gold Fields | Mining Forum Americas Denver | September 2026
Page 15
of potential value unlock by combining two highly complementary businesses US$4-5bn1 Material unique synergy potential Note: 1Synergies estimated by Gold Fields on a post-tax, NAV and NPV basis, net of one-off implementation costs, expected to be realised over time. Estimates are preliminary only, based solely on publicly available information about Northern Star, without due diligence and are subject to implementation of the proposed transaction and the outcome of further technical and operational studies. Operational synergies Supply chain & procurement savings Tax Corporate G&A savings There is currently no binding agreement between Gold Fields and Northern Star in relation to the Proposed Transaction. There can be no certainty that any further engagements with Northern Star will materialise, or that a transaction will be successfully concluded. Refer to Slide 2 in relation to forward-looking statements. Unlocks material, unique synergies from two highly complementary businesses 15
Page 16
Source: Company disclosures; Wall Street Consensus; FactSet as of 25 September 2026, assumes ZAR/USD exchange rate of 0.0613, AUD/USD exchange rate of 0.7025, as of 25 September 2026 Note: 1Last twelve months management reported EBITDA; 2 Includes Gold Fields reported LTM EBITDA of US$7,604m and Northern Star LTM EBITDA of A$4,091m converted to US$ with AUD/USD exchange rate of 0.6928 as of 30-Jun-2026; 3Fully diluted market cap incorporates Gold Fields FDSO of 895m and share price of ZAR658 per share, plus assumes Northern Star FDSO of 1,430m and share price of A$22.1 per share as of 25 September 2026; 4At market enterprise value, excluding synergies; Includes US$437m of Gold Fields net debt, US$249m NCIs and US$178m of associates; Includes Northern Star net debt of US$339m and US$23m of associates as of 30-Jun-2026; 5 Incorporates proposal terms fixed cash consideration of US$7.3bn as of 25-Sep-2026, deducted from pro forma equity value; 6 Illustratively adjusts for estimated US$920m hedge loss impact for LTM Jun-26 incorporating 646Koz of production hedged at an average gold price of US$2,139/oz, assuming full pass-through to EBITDA; 7 Based on latest available disclosures Market capitalisation3 and enterprise value (US$bn) 5 The combined entity will have enhanced scale, portfolio quality, liquidity and index relevance, positioning it as the preferred investment vehicle for global gold investors, supporting potential valuation upside 8,9x 7,6x 7,2x 5,6x 5,4x Peer 5 Peer 3 Peer 2 Peer 4 Pro-forma Gold Fields + Northern Star Consensus CY EV/26E EBITDA 131 98 71 51 51 Peer 3 Peer 5 Peer 4 Pro-forma Gold Fields + Northern Star Peer 2 131 95 77 59Enterprise value 4 5,5 4,1 3,4 3,2 3,0 118 77 55 85 37 Peer 3 Pro-forma Gold Fields + Northern Star Peer 5 Peer 4 Peer 2 Gold majors LTM Jun-26 production and reserves7 (Moz) 2 Production Reserves 47% ~80% 91% 24% Australia, North America and Chile share of prod. 52% 594 16,8 10,4 10,4 10,3 8,2 Peer 3 Pro-forma Gold Fields + Northern Star Peer 4 Peer 5 Peer 2 Gold majors LTM Jun-26 EBITDA1 (US$bn) 2 11.8 Illustrative Pro-forma EBITDA adjusted for Northern Star’s existing hedge book6 ~US$10bn pro forma EBITDA and ~US$50bn combined market cap Creation of a quality, geographically diversified portfolio 16
Page 17
3. Gold Fields overview
Page 18
Long life, quality assets Quality portfolio
Page 19
Gold Fields | Mining Forum Americas Denver | September 2026 2.1 Moz 2.3 to 2.5 Moz 2.4 to 2.6 Moz 2.4 to 2.6 Moz 2.4 to 2.6 Moz 2.5 to 2.8 Moz 2.6 to 2.9 Moz 2.8 to 3.1 Moz $0/oz $500/oz $1 000/oz $1 500/oz $2 000/oz $2 500/oz FY24 Act FY25 FY26 FY27 FY28 FY29 FY30 FY31 Peak Windfall investment, first gold expected in H1 2029 1,500- 1,650 1,690- 1,890 1,629 1,625- 1,815 1,873 1,780- 1,930 1,950- 2,175 2,015- 2,245 Sustained production beyond 2031 5-Year Estimates: Production and Cost Guidance (Attributable Production in Moz, costs US$/oz real)(1,2,3,4) Production Range (Attributable Moz Equivalent Au)All in Sustaining Cost $/oz All in Cost $/oz Ramping up production to 3Moz pa with stable costs Notes: 1. All estimates from 2026 are real 1 January 2026. Subject to inflationary pressures. Outputs based on existing portfolio compo sition. 2. Exchange rates used for the above are as at our Capital Markets Day in November 2025 at R/US$18.50, US$/A$0.67 and C$/US$0.71 . 3. Cost position excludes non-core assets (Damang and Cerro Corona contributing US$25/oz in 2026 4. All forward numbers are estimates 19
Page 20
Gold Fields | Mining Forum Americas Denver | September 2026 Salares Norte: Steady state achieved, annual guidance revised up 337koz eq in H1 2026 and the 2026 forecast raised to 550 to 600koz eq 20 Salares Norte LOCATION Atacama, Chile, 100% owned Discovered by Gold Fields in 2011 STEADY STATE Steady state operations through winter Positive grade reconciliations expected to continue 2026 - 2028 Revised upward to 550 - 600koz eq LIFE OF MINE Agua Amarga pioneering and pre-strip underway to extend the profile LIFE EXTENSION 8km depth drilling and 3D geophysics opening new corridors Brecha Principal pit, Salares Norte, Chile US$1.19bn Adjusted free cash flow in H1 2026 US$269/oz H1 2026 AISC per gold equivalent ounce +173% Production growth year on year in H1 2026 A high margin cash engine, with Agua Amarga to extend the profile US$1.2bn Total project capital
Page 21
Gold Fields | Mining Forum Americas Denver | September 2026 St Ives: 20 year mine life, growing to 400koz pa Invincible to 3.4Mtpa, with 300km of drilling planned 21 St Ives LOCATION Western Australia, 100% owned since 2001 MINERAL RESERVE 3.9Moz at end 2025, up from 1.7Moz in 2016 GROWTH Above 400koz pa; Santa Ana and Britannia fill latent mill capacity BROWNFIELDS OPPORTUNITIES Renewables and sulphide recovery projects expected to lift margins from 2027 EXPLORATION More than 10Moz discovered since acquisition St Ives mill, Western Australia 3.4Mtpa Invincible underground production rate by 2030 - adding 90koz pa US$43/oz Reserve conversion cost (2019 to 2024) 300km Drilling planned over the next three years More than 10Moz discovered since acquisition, with the rate of discovery still increasing 383 koz 330 to 365 koz 345 to 385 koz FY25 FY26 FY27 FY28 FY29 FY30 Planned mill outage. Opportunity to optimise outage and increase planned production 1,643 Renewables cost efficiency | Sulphide recovery uplift Materials handling system commissioned 5-Year Production and Cost Guidance - (koz & US$/oz real)
Page 22
Gold Fields | Mining Forum Americas Denver | September 2026 South Deep: Stable growth with increasing margins 31Moz reserve, delivery to plan, South of Wrench next 22 South Deep LOCATION South Africa, 93.1% owned MINERAL RESERVE 194Mt at 5.0 g/t for 31.0Moz TARGET Ramp production toward 13.5tpa with South of Wrench adding flexibility NEXT PHASE South of Wrench first production expected in 2031 ENERGY Khanyisa solar to be expanded to 75MW, saving US$45/oz South Deep, South Africa 31Moz One of the largest gold reserves in the world c.20% Expected uplift from South of Wrench 75MW Potential to increase installed solar energy to A multi-decade orebody, with South of Wrench adding mining flexibility from 2031
Page 23
Gold Fields | Mining Forum Americas Denver | September 2026 Catalysts in our other assets 23 Extending mine life and lifting production at every operation GRUYERE • Expansion of the processing facility from nameplate of 7.5 Mt p.a. to 10 Mt p.a. (currently operating at 9.5 Mt p.a.) • Increased material movement from 48 Mt pa in 2024 to 75 Mt pa. in 2026 • Accelerate higher grade material from Golden Highway • Exploration across the Yamarna land package GRANNY SMITH • Materials handling and autonomous haulage enabling lower cost extraction from Z150 and deeper zones • Ongoing definition of Z150 and Z160 • Alternative ore sources: Assessing opportunities to fill the mill with open pit feed AGNEW • Life extension: Realise potential from Waroonga, Redeemer and New Holland areas • Exploration potential in Northern and Southern tenements outside of known resources • Exploration: US$80m drilling planned over the next 3 years TARKWA • Lift productivity through fleet, benches and plant • Preserve Kottraverchy underground upside • Sequence growth capital with lease renewal progress Leveraging existing infrastructure and geological potential to deliver capital efficient growth across the portfolio
Page 24
The path to 3Moz – Windfall, brownfields and greenfields opportunities Growth Windfall camp, Québec
Page 25
Gold Fields | Mining Forum Americas Denver | September 2026 Growth to 3Moz by 2031, with a pipeline that sustains it Growing production into the mid 2030s and building a pipeline into the 2040s 25 Horizon 1 growth is funded and in reserve; Windfall and the exploration pipeline carry production beyond 2035 Clear path to 3Moz • Catalysts: Salares Norte, Gruyere, St Ives, South Deep, Windfall • Brownfields above US$100m pa, greenfields above US$50m pa Sustain 2.5 to 3Moz pa • Windfall at steady state with upside • Margins improve as Horizon 1 investment matures Pipeline into the 2040s • Current portfolio sustains most of the forward production • Bolt on M&A only where it enhances cash flow per share • Current greenfields exploration presents promising potential horizon 3 opportunities HORIZON 1 Present to 2030 HORIZON 2 2031 to 2035 HORIZON 3 Beyond 2035 4.6Moz Organic reserve additions 2021 to 2024 4.6Moz of organic reserve additions over 2021 to 2024, and further growth in 2025 from Tarkwa, Gruyere and Windfall, sustain Horizons 1 and 2
Page 26
Gold Fields | Mining Forum Americas Denver | September 2026 Reserve replacement: a track record of success 26 Gold discovered exceeds the reserves acquired at every long life mine Mine Year Initial reserves (Moz) Production to 2025 (Moz) Reserves 2025 (Moz) Discovered by Gold Fields (Moz) Reserve years added Reserve multiplier Tarkwa (100%) 2000 6.5 15.6 7.4 16.5 28 2.5x St Ives 2002 2.3 9.8 3.9 11.3 28 4.9x Agnew 2002 0.6 5.0 0.9 5.4 26 9.0x Granny Smith 2013 0.8 3.5 2.6 5.2 20 6.5x Gruyere (100%) 2019 3.8 1.7 3.2 1.1 5 0.3x Salares Norte 2011 discovery 0.0 0.4 3.1 3.5 n/a n/a Total 14.0 36.0 21.1 43.0 Managed basis (100%). Reserves as at 31 December 2025 per the Mineral Resources and Mineral Reserves Supplement 2025; Tarkwa attributable 6.6Moz at 90%. Production since acquisition to 31 December 2025; Salares Norte discovered by Gold Fields in 2011, first gold 2024. Discovered by Gold Fields is production since acquisition plus current reserves less initial reserves. Reserve years added is gold discovered divided by average annual production since acquisition. 43.0Moz Discovered by Gold Fields at six mines since acquisition, to end 2025 48.3Moz Group attributable Mineral Reserves at end 2025, up 4.0Moz or 9% in the year 20 to 28 Years of reserve life added at Tarkwa, St Ives, Agnew and Granny Smith Reserves grown to between 2.5x and 9.0x of the reserves acquired at the long life mines, and a new mine discovered at Salares Norte
Page 27
Gold Fields | Mining Forum Americas Denver | September 2026 Windfall District: expanding beyond the mine 27 A secured, underexplored district with permits, budget and team in place District scale, infrastructure leverage and multiple pathways to growth
Page 28
Capital allocation, shareholder returns and balance sheet Cash and returns Brecha Principal pit, Salares Norte, Chile
Page 29
Gold Fields | Mining Forum Americas Denver | September 2026 Disciplined capital allocation enhances returns 29 Fund the mines, protect the balance sheet, pay the dividend, allocate the surplus Long life, quality portfolio generating strong operating cash flow Net cash from operations Capital allocation priorities 1 Spend necessary capital to ensure safe, reliable and cost-effective operations 2 Maintain our investment grade credit rating 3 Base dividend of 35% of free cash flow before discretionary growth investment, minimum US$0.50 per share Remaining free cash flow competes Maintain balance sheet strength Industry leading returns to shareholders through additional returns Discretionary investment to improve portfolio quality Base dividend paid semi annually at US$0.25 per share, subject to adjusted net debt to adjusted EBITDA below 1.0x. Additional returns programme reviewed every six months. Delivered against the framework in H1 2026 US$3.1bn Net cash from operations; adjusted free cash flow US$2.2bn, up 134% 1,625c Interim dividend per share, up 132%, at the 35% base payout US$553m Returned under the US$1.25bn additional returns programme 61% Of adjusted free cash flow paid to shareholders, with growth capital and Windfall funded from the same cash flow Investment grade credit rating maintained, with the Group at net cash excluding leases A balance between returning cash to shareholders, reinvesting in the business and maintaining balance sheet strength
Page 30
Gold Fields | Mining Forum Americas Denver | September 2026 30 Additional returns Over and above the base dividend we are topping up shareholder returns November 2025 Programme established US$500m allocated to additional shareholder returns above the base dividend. February 2026 Allocated amount Increased to US$750m Special dividend declared; US$100m share buyback programme announced. March 2026 US$253m special dividend paid First distribution delivered under the programme. April–July 2026 US$300m of buybacks completed August 2026 Further US$500m allocated Programme capacity increased to US$1.25 billion. February 2027 Next review point Further additional returns assessed against cash generation and the outlook Additional shareholder return programme1 30 Allocated to programme US$1.25bn Returned to shareholders to date US$553m A Disciplined and flexible returns framework A repeatable framework for returning surplus capital while preserving capacity to invest through the cycle Special dividend – considered alongside the annual dividend declaration Share buybacks – executed opportunistically where they enhance shareholder value. Programme size reviewed every six months – Assessed against surplus cash, investment requirements and balance sheet capacity 1. Subject to maintaining an adjusted net debt:adjusted EBITDA ratio of below 1.0x, and applicable legal, regulatory and Board a pproval requirements
Page 31
Gold Fields | Mining Forum Americas Denver | September 2026 Strong cash flow, disciplined growth, balanced returns 31 Top tier cash generation and growth, at the lowest multiple in our peer group QUALITY PORTFOLIO WITH STRONG CASH FLOW US$2.2bn H1 2026 adjusted free cash flow, up 134% • Attributable production of 1,267koz, up 12% in H1 2026 • Salares Norte at steady state, AISC of US$269/oz in H1 2026 DISCIPLINED GROWTH 3Moz Funded path to 3Moz by 2031 at stable costs • Mineral Reserves of 48.3Moz as at 31 December 2025 • Windfall project engineering, execution planning and operational readiness progressing UPPER QUARTILE RETURNS 61% of H1 2026 adjusted free cash flow paid to shareholders • 2026 interim dividend of 1,625c per share, up 132% • US$553m returned under the US$1.25bn additional returns programme 10.6% 2026 FCF yield and 4.6x 2026 EV/EBITDA: the highest yield and lowest multiple in our peer group
Page 32
Gold Fields | Mining Forum Americas Denver | September 2026 Thank you Investor relations: Investor.Relations@goldfields.com │ www.goldfields.com Members of ICMM and the World Gold Council Gruyere, Australia